It’s time to take another look at short sales

As recently as a few months ago, if you would have told a real estate agent who specialized in short sales that they’d be raving about a lender’s stellar service and rapid approval times—not to mention significant cash incentives for financially strapped homeowners for pursuing a short sale—you’d have gotten some strange looks.

That’s all changed.  And it’s changed faster and to a greater extent than most real estate professionals ever could have imagined.

With a glut of bank-owned properties dragging down the recovery of the real estate market, as well as the national economy, major lenders are more eager than ever before to avoid foreclosure. So they’ve sharpened their focus on short sales. Big time.

The biggest lenders in the country have staffed up to ensure rapid processing of short sale applications. They’ve ponied up with cash incentives at closing for homeowners who pursue a short sale. And they’re proactively reaching out to CDPE agents and putting them in touch with delinquent borrowers.

This is big news and the media has not really caught onto it yet. What’s important for you to know is that whatever you’ve read or heard in the past about long lag times and frustrations with short sales is probably no longer the case.

As a member of the CDPEAdvanced community, I’m tapped into major lenders and on top of major developments affecting short sales and bank-owned properties.  I invite you to visit my website clarinrealty.com to learn more and feel free to contact me any time at 415-816-0048 or info@clarinrealty.com if you or anyone you know is struggling with an unmanageable mortgage."

For Loan Modification Seekers, There are Often Better Options

(San Bruno), (CA) – (August 23, 2012) – For homeowners facing foreclosure, there are a lot of powerful emotions at play. A loan modification, changing the original terms of the loan, can represent an attractive option because it allows the homeowner to stay in their Ingleside Terrace Home.

There are some truths about loan mods, however, that many homeowners don’t know. “According to studies down by the Department of Housing and Urban Development,” says (de Mesa, CDPE, Clarin Realty Inc.), “over half of the people who get a loan modification end up redefaulting within 6 months.” This coupled with the increasing difficulty in obtaining a loan mod means that they are are often not the an ideal solution for everyone.

“In reality, a loan modification works for people in a very specific set of circumstances. They are people who are normally financially stable, but that have found themselves with a temporary problem that is threatening their home,” said de Mesa. Job loss or an unexpected illness are the most common temporary issues that arise. For homeowners who know that their situation will be fixed in the near future, a loan modification makes sense.

For most people in danger of losing their home, however, these circumstances don’t apply. Their financial issues are often larger and beyond the scope of what a bank will consider for a loan modification. For those homeowners, it is important that they are educated on their options.

A Certified Distressed Property Expert (CDPE), Noreleen de Mesa ( http://www.clarinrealty.com/ ) has intimate knowledge about the many foreclosure alternatives that are available. A Certified Distressed Property Expert (CDPE) is knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help struggling homeowners regain peace of mind and a sense of stability for the future.

Noreleen de Mesa has developed a free report entitled, “Loan Modification Secrets,” which is accessible from her website, clarinrealtyshortsale.com

The report provides a thorough rundown of all of the ways that a short sale is more beneficial to homeowners than foreclosure.

About

Noreleen C. de Mesa, CDPE, SRES, GRI DRE #01387621 www.clarinrealty.com

For more information about the CDPE Designation, visit www.CDPE.com.

DALY CITY REAL ESTATE - YOU HAVE OPTIONS! DO NOT WALK AWAY!

Mortgage Modification Fraud

Now Is The Time To Move On Short Sales

Now Is The Time To Move On Short Sales

Traditionally there have been Seven Wonders of the World, but perhaps it’s time to add an eighth: lenders have now begun to embrace the idea of pre-foreclosures short sales, which mean big discounts for homebuyers and investors who favor distressed properties.

Here are some of the most recent Investment opportunities in the area.

Foreclosure Homes Account for 26 Percent of all U.S. Residential Sales in in Q1 2012

Sales of Ingleside Terrace Homes that were in some stage of foreclosure or bank owned accounted for 26 percent of all U.S. residential sales during the first quarter. Third parties purchased a total of 233,299 residential

properties in some stage of pre- foreclosure (defaults and scheduled foreclosure auctions) or bank-owned (REO) during the first quarter, an increase of 8 percent from the previous quarter and virtually unchanged from the first quarter of 2011.

Where Have All the REOs Gone?

Bank-owned (REO) inventory has decreased about 40 percent over the past in the past year and a half and continues to decrease despite a recent uptick in foreclosure starts. More than 109,000 U.S. properties started the foreclosure process in May, a 12 percent increase from the previous month and a 16 percent increase from May 2011 — the first annual increase in foreclosure starts since January 2010. Still, REO inventory continued to decline in May,down 5 percent from the previous month and down 31 percent from May 2011. So where have all the REO homes gone? They are hiding beneath one of three probable shells:

Best Lenders and Servicers to Buy Short Sales From

Among the nation’s largest lenders and mortgage servicers, some are better than others when it comes to buying a short sale. There are several ways to measure which lenders are best to buy short sales from: sales volume, average discount and average time to sell. We’ll look at the top performing lenders in each of these categories based on January 2012 foreclosure sales data.

Here are some of the most recent Investment opportunities in the area.

U.S. Foreclosure Activity Shifts Eastward in April

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 188,780 U.S. properties in April, the lowest monthly total since July 2007. April foreclosure activity decreased 5 percent from the previous month and was down
14 percent from April 2011. One in every 698 U.S. housing units had a foreclosure filing during the month. “Rising foreclosure activity in many state and local markets in April was masked at the national level by sizable decreases in hard-hit
foreclosure states like California, Arizona and Nevada,” said Brandon Moore, CEO of RealtyTrac.
Foreclosures For Sale Under $50,000

I recently took a look at how many foreclosure properties —pre- foreclosures, scheduled auctions or REOs — were listed for sale on RealtyTrac for $50,000 or less. I was somewhat surprised to find that more than 8,000 properties nationwide matched this criteria. Even more surprising that not all these properties were located in places like Detroit and Cleveland — although many of them were. I found that there were foreclosure properties listed for sale for
$50,000 in 48 states, and many states had hundreds of such properties available.

For more information visit at clarinrealty.com

Foreclosure Market Trends Report

California Foreclosure Activity Drops in February

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 48,422

California properties in February, a 6 percent decrease from January and 14 percent below the level reported for February 2011, according to the latest RealtyTrac® U.S.

Foreclosure Market Report

Here are some of the most recent Investment opportunities in the area.

Q1 2012 Foreclosure Activity Lowest Since Q4 2007

Foreclosure filings were reported on 572,928 properties during the first quarter of 2012, down 2 percent from the previous quarter and down 16 percent from the first quarter of

2011, according to the RealtyTrac U.S. Foreclosure Market Report. The first quarter total was the lowest quarterly total since the fourth quarter of

2007, when 527,740 properties with foreclosure filings were reported. The report shows one in every 230 U.S. housing units with a foreclosure filing during the quarter. Foreclosure filings were reported on 198,853 U.S. properties in March, a 4 percent decrease from February and a 17 percent decrease from March 2011.

Short Sales Outpace Foreclosure Sales in Many Markets

An important shift is occurring in the real estate market: Short sales are outnumbering foreclosure sales in many markets. In Q4 2011, there were 88,303 short sales, also known as pre-foreclosure sales, accounting for 10 percent of all sales during the fourth quarter, according to the latest RealtyTrac U.S. Foreclosure Sales Report. Short sales increase 15 percent from year ago. Meanwhile, bank- owned (REO) sales decrease 12 percent from year ago. While third parties purchased a total of 115,777 REO homes in the fourth quarter, that share was down 10 percent from the previous quarter.

To know more about this please click here.

March 2012 Foreclosure Rate Heat Map

For more information visit us at: Short Sale experts, San Bruno Real Estate

California Foreclosure Activity Down in 2011

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 428,045 California properties in 2011, down 22 percent from a year ago and 32 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Here are some of the most recent Investment opportunities in the area.

January 2012 U.S. Foreclosure Market Report: Frozen-Up Foreclosure Process Begins to Thaw

Foreclosure filings were reported on 210,941 U.S. properties in January, a 3 percent increase from the previous month but still down 19 percent from January 2011, according to the RealtyTrac U.S. Foreclosure Market Report. “Although overall foreclosure activity was down from a year ago for the 16th straight month in January, we continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw,” said Brandon Moore, CEO of RealtyTrac.

The Road to Flipping 1,000 Homes

I have always been a bit of a gambler and come from an entrepreneurial upbringing; a childhood friend in the mortgage business asked me to head down to a local foreclosure auction and meet Mike Baird. I cautiously walked up the courthouse steps for the first time and inquired around for Mike so we could shake hands for the first time. I was not prepared for what I was about to witness; an ordinary and unassuming individual approached, proclaimed “buyer beware”, and start firing off addresses of properties impending sales at the auction. Where was the courtroom, the judge, a sheriff?

For more information please visit at clarinrealty.com

Foreclosure Market Trends Report

California Foreclosure Activity Rises in November

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 63,689

California properties in November, a 15 percent increase from October and 11 percent above the level reported for November 2010, according to the latest RealtyTrac® U.S.

Foreclosure Market Report.

Here are some of the most recent Investment opportunities in the area.

2011 Year-End Foreclosure Report: Foreclosures on the Retreat

Foreclosure filings were reported on 1,887,777 U.S. properties in 2011, a decrease of 34 percent in total properties from 2010, according to the RealtyTrac Year-End 2011 U.S. Foreclosure Market Report. Foreclosure activity in 2011 was the lowest since 2007. The report also shows that 1.45 percent of U.S. housing units (one in 69) had at least one foreclosure filing during the

year, down from 2.23 percent in

2010, 2.21 percent in 2009, and

1.84 percent in 2008. Total U.S. foreclosure activity and the U.S. foreclosure rate in 2011 were both at their lowest annual level since 2007.

Why Lenders Have Begun To Accept Foreclosure Write- Offs

The term "cramdown" used to be a dirty word in real estate, an expression meaning that a court would change loan terms — and not in a way that lenders liked.

If you want more information then please visit at noreleendemesa.com

California Foreclosure Activity Rises in November

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 63,689 California properties in November, a 15 percent increase from October and 11 percent above the level reported for November 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

The Golden State maintained its position as the state with the second highest foreclosure rate, reporting one in every 211 California housing units with a foreclosure filing in November — nearly three times the national average.

California continues to lead the nation in terms of total properties with foreclosure filings by a large margin. Second ranked Florida reported 24,739 properties with foreclosure filings during the month. Third place was Michigan, where 13,777 properties with foreclosure filings were reported. Illinois had the fourth highest total, reporting 12,398 properties with foreclosure filings while Georgia took fifth place, tallying 12,327 properties with foreclosure filings.

The remaining states that make up the nation’s top 10 in November include Arizona (10,766), Ohio (10,184), Texas (10,124), Nevada (6,512) and Wisconsin (4,382). The top 10 accounted for 75 percent of the nation’s total foreclosure activity for the month.

San Bernardino County posts top foreclosure rate in the state for November

One in every 119 housing units in San Bernardino County had a foreclosure filing in November — 4.9 times the national average and 1.8 times the state average — the highest foreclosure rate of all California counties for the month. San Joaquin County had the second highest rate of one in every 120 housing units with a foreclosure filing during the month — 4.8 times the national average and 1.8 times the state average. Riverside County had the third highest rate of one in every 130 housing units with a foreclosure filing during the month — 4.5 times the national average and 1.6 times the state average.

Southern California stays atop the foreclosure heap in November

Four Southern California counties topped the list for highest foreclosure totals in the state for November. Los Angeles County continued to lead all counties by a large margin, reporting 13,276 properties with foreclosure filings for the month. Riverside County remained second highest, reporting 5,969 properties with foreclosure filings. San Bernardino County was third once again, reporting 5,770 properties with foreclosure filings. Fourth highest was San Diego County, recording 4,484 properties with foreclosure filings. Sacramento County was fifth highest, tallying 3,797 properties with foreclosure filings for the month.

State the nation’s largest contributor to total foreclosure activity in November

California accounted for 28 percent of the 224,394 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 3 percent from October and was down over 14 percent from the level reported in November 2010. One in every 579 U.S. housing units received a foreclosure filing during the month.

“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” said James Saccacio, co-founder of RealtyTrac. “Overall foreclosure activity is down 14 percent from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Arizona and Massachusetts actually posted year-over-year increases in foreclosure activity in November.

For more information: clarinrealty.com